Omani-Indian panel to boost trade relations
Muscat: The Joint Omani-Indian Committee yesterday held its 11th session in Muscat to review trade and investment relations between the two countries and means of enhancing them in sectors of mutual interest.
The Omani side was headed by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion and Piyush Goyal, Minister of Commerce and Industry of the Republic of India.
During the session, the two sides explored means of expanding cooperation in the fields of renewable energy, technology, healthcare and tourism. It also discussed the progress made as a result of important diplomatic visits, including the visit of His Majesty Sultan Haitham bin Tarik to the Republic of India in December 2023. The visit constituted a turning point in enhancing cooperation between the two countries.
The investments of Indian companies in Oman crossed OMR750 million till December 2023. Meanwhile, the accumulative investment flow from Oman to India reached OMR600 million during the years 2000-2024.
Both sides affirmed the importance of cooperation in the fields of renewable energy, namely in green hydrogen and green ammonia. They also underlined the importance of focusing on areas of food security, agricultural investment and technology transfer.
The session highlighted areas of cooperation in the field of health and education, as well as boosting cooperation in the fields of special economic zones, transport and logistics. The two sides agreed to establish a joint investment fund to support the establishment of infrastructure projects in this field.
Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion lauded the depth of trade and investment relations between the two countries. He also affirmed that the visit of His Majesty the Sultan to India on December 2023 was the first since more than 25 years. The visit constituted an important milestone in enhancing partnership between Oman and India.
Al Yousef added that trade between Oman and India saw noticeable growth over the past years and bilateral trade in 2023 reached RO 2.05 billion, which reflects the depth of these economic relations.
On his turn, Piyush Goyal, Minister of Commerce and Industry of the Republic of India said that there many possibilities to expand business and investment relations between Oman and India, especially since negotiations have reached the final stages before reaching to a comprehensive economic partnership agreement between Oman and India.
Pankaj Khimji, Advisor for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry and Investment Promotion stressed the importance of enhancing cooperation in the fields of technology, industry, agriculture, tourism and renewable energy. He also reiterated the Sultanate of Oman's keenness to realize its economic vision by adopting innovative policies that contribute to economic growth.
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